Arrowpoint Investment Partners Singapore Pte. Ltd. Makes New Investment in Perrigo Company plc (NYSE:PRGO)

Key Points

• Arrowpoint Investment Partners has invested $308,000 in Perrigo Company plc, acquiring 11,000 shares as part of their new position in the stock.
• Several institutional investors, including the State of Michigan Retirement System and Fifth Third Bancorp, have also increased their holdings in Perrigo, demonstrating strong institutional interest.
• Perrigo recently announced a quarterly dividend of $0.29 per share, which reflects a 5.0% dividend yield, despite a negative net margin reported for the last quarter.

Arrowpoint Investment Partners Singapore Pte. Ltd. acquired a new stake in Perrigo Company plc (NYSE:PRGO - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 11,000 shares of the company's stock, valued at approximately $308,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. State of Michigan Retirement System boosted its stake in shares of Perrigo by 1.2% in the 1st quarter. State of Michigan Retirement System now owns 32,658 shares of the company's stock valued at $916,000 after purchasing an additional 400 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Perrigo by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 15,984 shares of the company's stock worth $448,000 after acquiring an additional 430 shares in the last quarter. Linden Thomas Advisory Services LLC boosted its stake in Perrigo by 3.8% during the first quarter. Linden Thomas Advisory Services LLC now owns 19,707 shares of the company's stock worth $553,000 after acquiring an additional 724 shares in the last quarter. Snowden Capital Advisors LLC boosted its stake in Perrigo by 3.6% during the fourth quarter. Snowden Capital Advisors LLC now owns 24,337 shares of the company's stock worth $626,000 after acquiring an additional 842 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in Perrigo by 62.0% during the first quarter. Fifth Third Bancorp now owns 2,218 shares of the company's stock worth $62,000 after acquiring an additional 849 shares in the last quarter. Institutional investors own 95.91% of the company's stock.

Perrigo Stock Performance

NYSE PRGO traded down $0.30 during trading hours on Friday, reaching $22.73. 1,173,437 shares of the company were exchanged, compared to its average volume of 1,485,413. Perrigo Company plc has a 1 year low of $21.03 and a 1 year high of $30.93. The business's 50 day simple moving average is $26.49 and its 200-day simple moving average is $26.28. The company has a quick ratio of 1.24, a current ratio of 2.32 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $3.13 billion, a P/E ratio of -39.19 and a beta of 0.47.

Perrigo (NYSE:PRGO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.59 by ($0.02). Perrigo had a positive return on equity of 9.09% and a negative net margin of 1.86%. The company had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter last year, the business posted $0.53 EPS. The business's quarterly revenue was down .9% on a year-over-year basis. On average, equities research analysts expect that Perrigo Company plc will post 2.56 earnings per share for the current year.

Perrigo Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Friday, August 29th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Friday, August 29th. Perrigo's dividend payout ratio (DPR) is -200.00%.

Analyst Ratings Changes

PRGO has been the topic of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of Perrigo from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Wall Street Zen downgraded shares of Perrigo from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Canaccord Genuity Group set a $40.00 target price on shares of Perrigo and gave the company a "buy" rating in a report on Thursday, August 7th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Perrigo presently has a consensus rating of "Hold" and an average price target of $33.00.

Perrigo Profile

Perrigo Company plc provides over-the-counter health and wellness solutions to enhance individual well-being in the United States, Europe, and internationally. It operates through Consumer Self-Care Americas and Consumer Self-Care International segments. The company develops, manufactures, markets, and distributes self-care consumer products, such as upper respiratory products, including cough suppressants, expectorants, and sinus and allergy relief; nutrition products consisting of infant formulas and nutritional beverages; digestive health products, including antacids, anti-diarrheal, and anti-heartburn; pain and sleep-aids products comprising pain relievers and fever reducers; and oral care products, which include toothbrushes, toothbrush replacement heads, floss, flossers, whitening products, and toothbrush covers.